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We are calling for a Fund Manager to create and implement a property fund providing housing for vulnerable women
We're excited to open applications for a Fund Manager to further develop and implement a Property Fund providing housing for vulnerable women. The Fund presents an exciting opportunity to create long-lasting positive change with mission-aligned partners across women, housing and social investment sectors.
The housing crisis is disproportionately affecting the most vulnerable people in our society, including vulnerable women and their children. In particular, 66% of homeless adults living in temporary accommodation are women, and the vast majority are single parents. Women's sector organisations are doing all they can, but lack of suitable and affordable housing often limits their capability to deliver vital services.
We believe social investment can play a role in enabling these organisations to do more and improve outcomes for the women they work with. This is why, over the past six months, we have spoken to over 60 women's sector organisations to better understand the housing needs of vulnerable women. The feedback has shown that while some organisations use private rental accommodation, it is increasingly unaffordable, especially in large cities. The safety, security and quality of accommodation also varies greatly. In addition there is widespread private landlord reluctance to rent to people in receipt of Housing Benefit, those who are experiencing homelessness or people with complex needs.
These insights are helping us to design a Property Fund that acquires properties which can be leased to providers of housing and support, such as refuges and women’s centres. To make sure our understanding is grounded in reality, we have formed a steering group consisting of sector experts such as Women’s Aid, Homeless Link, Ms Alison Inman (former President of CIH) and Ms Lisa Hilder (Trustee, Preston Road Women’s Centre); as well as experienced funders and social investors such as Comic Relief, City Bridge Trust and Trust for London.
To accelerate the development of the Fund, Big Society Capital is looking to provide up to £10m cornerstone investment, alongside a minimum co-investment of £5m. By demonstrating viability and track record through a seed portfolio, we envision this as a first step to create a Fund that has clear potential to attract socially motivated capital at scale.
To apply, please submit a two-page Expression of Interest by 28 February 2019. If you have any questions regarding the Fund and the application process, please submit them before 14 February 2019 to Karen Ng at firstname.lastname@example.org.
Are you interested to learn more about this initiative, but not as a Fund Manager? If you are a social investor, grant funder, housing provider, commissioner or a practitioner in this space and would like to explore how we can work together, please get in touch with Karen Ng.